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RWA is More Than Just Financing: Have You Been Led Astray by the "RWA Gatekeepers"?

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2025-05-29 16:37

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Original Article Title: "RWA Is Not Just Financing—Have You Been Led Astray by the 'RWA Gatekeepers'?"

Original Source: Yekai (WeChat/Twitter: YekaiMeta)

This is a rational memorandum written for potential partners.

Lately, the companies I've been advising no longer ask about raising funds but instead start pondering some profound questions. Third-party professional organizations like strategic consulting firms, audit firms, and others have also engaged in in-depth discussions as partners. This is a very positive sign. I have always emphasized to companies and organizations that RWA is not just about financing for a company; it has a much broader strategic scope. Issuing financing is just a small part of it. Most people have not yet seen the market opportunities within this.

Laying the Questions on the Table First

· For the past six months, the "RWA Wealth Creation Story" has made companies and organizations only see the "quick money" and not the "long and steady progress."

· Hong Kong has been passively "ripened" through the quasi-miracle drug of a certain organization, accelerating the maturity of the Hong Kong RWA market. However, the asset side, the fund side, and the professional service side have not received sufficient education, yet they have been pushed onto the pedestal of inflated expectations.

· A few platforms have set up barriers with gimmicks like "sandbox" and "sole proprietary blockchain," charging high fees, further solidifying the narrow perception that "RWA=Financing."

If orderly and rational guidance is not provided soon, the Hong Kong RWA bubble will inevitably burst. At that time, not only will the project side be injured, but even market institutions truly committed to industry upgrading and globalization will be implicated.

1. Gartner Curve of RWA: Steady Start in the US, Passive Acceleration in Hong Kong

Key Observations

· US: Started with standardization (ETFs, MMFs, Treasury bonds), currently promoting the tokenization of US stocks. Although the scale is large, the risks are manageable, and it is still in the early stage.

· Hong Kong: Started with non-standard corporate bonds, accelerated by a few institutions. The asset side lacks reserves, the fund side requires self-financing + 10% cost, and the service side has not yet achieved economies of scale. All three legs are still developing, yet they are already on the stage of expansion.

Conclusion: The primary task for Hong Kong's RWA is not to "issue more bonds," but to rebuild the capabilities of all three sides and focus on market education.

2. Financing Is Just the Tip of the Iceberg: The Three Cards of RWA

Cognitive Gap - Insights from Selling ERP

Over 20 years ago, as an Oracle FI consultant, our professional understanding was that we weren't selling ERP software, but a combination of "strategic consulting + process reengineering + system implementation." Today's RWA is no different:

1. Start by outlining the enterprise digital strategy and digital asset mapping;

2. Then design distributed asset pools, cross-border structures, compliance pathways, etc.;

3. Finally, the technical step of "whether to issue RWA and how much to fundraise" comes in.

III. Why Has Hong Kong's RWA Been Led Astray by "Gatekeepers"?

1. High Thresholds, High Fees: Consultants' fees easily reach seven figures + sandbox metrics, asset providers also need to bring their own funds + 10% cost of funds.

2. Single Asset Caliber: Can only do "new energy + bonds," resembling a VIE bridge from 2005.

3. Lack of Secondary Liquidity: The platform cannot explain "who provides liquidity and where it comes from," investors sign agreements after hearing a couple of clichés.

4. Lack of Education: Asset providers understand it as "issuing bonds + PPT whitepapers," funders consider it as "high returns or pledge interest," and service providers keep stepping on each other's toes.

Outcome: FOMO, influencer traffic, roadshows, and Ponzi schemes all flock in, the bubble inflates rapidly, and rational players are squeezed out by the noise.

IV. Rational Breakthrough: Three Key Points, Five-step SOP

1. Three Key Points

① Asset Side: Establish an open RWA Pool - operational cash flow + transparent data assets + SPV isolation.

② Capital Side: Establish multi-layer RWA funds (USD/HKD/stablecoin), replacing "self-funded" with a standard GP-LP structure.

③ Third-party Service Side: Bring in brokers, auditors, strategic consulting firms in bulk, output RWA battle rules and compliance templates for execution and regular models.

2. Five-step SOP

① Strategic Canvas (9-grid) - Calibrate enterprise needs with a "asset-fund-compliance-technology-liquidity" five-in-one blueprint.

② Asset Pool Pre-qualification - Accountants/auditors + on-chain oracles "dual-diligence," generating distributed asset credentials.

③ Cross-Border Structure Establishment — Asset Ownership SPV + Hong Kong Primary Issuance + Singapore/Dubai Secondary Market and Liquidity Pool + USD Settlement Path.

④ Market Making & Secondary Market — ATS Market Making + AMM Liquidity Pool + Stablecoin Collateralized Lending, ensuring a T+0 exit channel.

⑤ Continuous Disclosure of Information — DAO + Disclosure Oracle, synchronizing asset net worth/rental/cash flow, allowing investors to "watch the market" rather than "watch individuals."

(Below is Hua Xia Digital Capital's RWA Nine-Square Strategic Canvas, encrypted and generated into an image by ChatGPT to prevent plagiarism by various big shots and AI training, for directional reference only.)

(ChatGPT Generated Image)

Five. What Is Hua Xia Digital Capital Doing? — RWA Strategy Service & Business School

· RWA Business School: Three Course Lines

1. Basic Popularization (RWA vs. ABS/REITs)

2. On-Chain Asset Model Practical Training (Sand Table + Real Data)

3. Cross-Border Mergers and Acquisitions + Alternative Exit Design

· RWA Strategy Service:

· Enterprise Strategy Nine-Square Grid and 3-5 Year Onchain Globalization Blueprint

· Design RWA Fund + Cross-Domain SPV Full Process

· Bind Market Makers, Auditors, Cross-Border Law Firms to form a pipeline-style delivery

· Partner Plan:

Recruit brokerage firms, trusts, consultancies, auditors, FAs, quantitative funds, and other channel partners to jointly promote the inclusive pricing of the "RWA Standard Package."

Six. Ten Soulful Questions for Truly Committed Businesses

1. Can RWA replace IPOs and become a "double insurance" for international expansion and financing?

2. How can dealers and suppliers be included in the Token Cap-Table?

3. Can RWA be used for "snake swallowing elephant" asset mergers and acquisitions?

4. Can already invested assets be securitized with RWA to achieve exit and debt conversion?

5. How to transform with RWA into a "new brand of the Web3 era"?

6. After on-chain assets, how should information disclosure and internal controls be redesigned?

7. If a traditional IPO listing is not smooth, can RWA be used to open up an alternative capital path?

8. How to participate in the new financial ecosystem through RWA?

9. Is DAO governance of assets feasible in a family business?

10. Should RWA be included in the company's five-year development plan?

Conclusion: Instead of Chasing the Wind, Let's Create a Breeze

RWA is not a single-line action of "issuing debt + fundraising," but a reconstruction project integrating strategic investment banking, industry investment banking, and financing investment banking.

· View the Bubble as a Signal: It reminds us that market education, rule standards, and liquidity are still the blue ocean.

· View the Gateway as a Whetstone: It forces us to deliver SOP that can truly function in the secondary market.

· View the Mountains and Wilderness as a Mirror: Any imagination detached from cash flow will appear illusionary amidst the cicada chirps and stream sounds.

May the next wave of capital heat find us with bridges already built, allowing real assets and global funds to freely converge on-chain, rather than storytelling in livestreams or conference rooms.

#ARAW Always RWA Always Win! In 2025, the RWA market will rapidly find its place in the midst of rapid growth. Those interested in the RWA market and investment banking partners can add WeChat YekaiMeta, introduce themselves, and join the RWA discussion group.